Norwegian solar modules manufacturer Saga Energy has signed an agreement with Iran’s Amin Energy Developers for setting up a 2-gigawatt solar power project in the country, a report said.
According to the report carried by Clean Technica website on Monday, the total value of the deal is estimated to be $2.9 billion.
Few details are available about the agreement, but the project is likely to be operational in five years.
This is the second Norwegian company to have signed a solar project development deal in Iran. In September this year, Scatec Solar signed an agreement to set up 500 megawatts of solar power capacity in Iran in a phased manner.
The first phase of the capacity addition entails the implementation of 120 megawatts of capacity at an estimated cost of $120 million per 100 megawatts.
The country’s total installed power capacity is 77,000 megawatts. In order to diversify its power mix, Iran aims to have more than 5000 megawatts of renewable energy facilities by 2022, which would include 4,500 megawatts of wind power and 500 megawatts of solar power, according to the Renewable Energy Organization of Iran.